CLARIFICATIONS

If, in a transaction involving a Debtor and a Guarantor, the latter enhances the Debtor credit risk, the Guarantor rate is applicable.

This premium is referred to transactions where the credit adjusts to the OECD Consensus provisions or to the Spanish regulations on officially supported export credits. The amount of premium results from multiplying the principal of the credit by the premium rate.

The acceptable repayment period is established in terms of the regulations applicable and the type of exported goods and/or services, according to CESCE's critieria.

Determination of the Buyer or Guarantor category and its acceptance will be exclusively incumbent on CESCE.